Common Damage Claim Questions – Part 2

The more you know about how insurance works, the less daunting it is.

Not many people are eager to deal with insurance. However, whatever you think of your insurance company, it may be your closest ally after a storm rolls through. At Planet Roofing, we are well-acquainted with roofing insurance! Colorado hail, wind, and snow have ensured that. We are always eager to answer questions and help our customers through the process.

In our last blog, we discussed several questions about insurance claims. Today, we want to answer a few more.

If my roof is damaged by a storm, should I file a claim? I’m worried the insurance company will raise my rates.

We recommend you file a claim. Depending on how disastrous the storm was, the insurance company may raise rates for everyone in your area. If this is the case and you have not filed a claim, you’ll pay for everyone else’s roof repairs without getting any help of your own!

My insurance company held back depreciation. Will I ever get that money?

This is a normal practice for many insurance companies. You absolutely will get the money. Read the next question to find out how that works and why!

Why do insurance companies hold back depreciation money?

Insurance companies do these things because they’ve learned what happens if they don’t the hard way. There are two main reasons why insurance companies withhold depreciation:

They need to make sure you pay all of your deductible. When they hand over all the money immediately, people will avoid paying their deductible by finding contractors who will do the needed work for the money their insurance gave them. Instead of letting this happen, the insurance company gives you enough to get started and then adjusts your final payment to ensure the full deductible was paid.

They need to ensure the money goes to roofing work. This is what we were talking about when we said they have learned the hard way! If they give people all the money immediately, enough people spend it on something else that it just isn’t a good idea. Instead, they help you get going on repairs and then come in at the end to ensure your claim is fairly accommodated.

When you have a good roofing company in your corner, you (and your roof) can handle whatever nature throws your way. Turn to us for roof inspection, repair, and more!